Hi all,
It's been a while, but I'd like to take a look at LTCUSD.
We're currently looking at a critical support, one that was previously established in September/October of last year. I have two expectations here:
1) We find a bounce near $45.50, followed by a potential run up (indicated by the yellow arrows).
or
2) We find a bounce near $33.50, followed by a potential run up (indicated by the red arrows).
3) Although my expectations start and end at the two scenarios above, there's also the potential of it dropping below the $33.50 line; this is highly unlikely, however, as it is common place to bounce off of a critical support, so even IF it does happen, it would need to rally up, first. I will have my stop loss set up to prepare for any of these scenarios, regardless.
If you notice by the diagonal resistance line, we've broken out of it. As is common place, the subsequent break was met with a test back down to the previous support established. The rally may not run as much as we'd like, but the market is naturally unpredictable, so who knows what happens. For all we know, we could retest the ATH.
Personally, I'm not interested in buying this unless we find this support at Entry 1. Hell, I'd ideally wait for Entry 2 at $33.50, but I can't just assume that's going to happen.
No matter what the scenario, I believe the tides are turning soon, and whether that's favorably or unfavorably, only time will tell.
It's been a while, but I'd like to take a look at LTCUSD.
We're currently looking at a critical support, one that was previously established in September/October of last year. I have two expectations here:
1) We find a bounce near $45.50, followed by a potential run up (indicated by the yellow arrows).
or
2) We find a bounce near $33.50, followed by a potential run up (indicated by the red arrows).
3) Although my expectations start and end at the two scenarios above, there's also the potential of it dropping below the $33.50 line; this is highly unlikely, however, as it is common place to bounce off of a critical support, so even IF it does happen, it would need to rally up, first. I will have my stop loss set up to prepare for any of these scenarios, regardless.
If you notice by the diagonal resistance line, we've broken out of it. As is common place, the subsequent break was met with a test back down to the previous support established. The rally may not run as much as we'd like, but the market is naturally unpredictable, so who knows what happens. For all we know, we could retest the ATH.
Personally, I'm not interested in buying this unless we find this support at Entry 1. Hell, I'd ideally wait for Entry 2 at $33.50, but I can't just assume that's going to happen.
No matter what the scenario, I believe the tides are turning soon, and whether that's favorably or unfavorably, only time will tell.